Forex Signals Brief for Aug 27: All Eyes on Powell
US Wrap
Markets lost ground yesterday as we near the all-important commentary from Fed Boss Jerome Powell.
Interestingly, we also heard from three different Fed officials yesterday, all of which are known hawks and all said they wanted to see a reduced rate of asset purchases. This, of course, comes as we look towards the start of the Jackson Hole Symposium, with Jerome Powell set to release his comments on the matter in another virtual presentation.
The USD was a little higher on the news headlines yesterday and this also contributed to weakness in the majors and also the commodities space.
Looking to the crypto sector and we’ve seen most of the key names in the red over the past 24 hours as we run into selling pressure and some key technical levels above.
The Data Agenda
The calendar is light on Friday and the only top-tier event is the Powell speech. That said, it is the only event that matters today.
Forex Signal Update
The FX Leaders Team grabbed one win in our BTC trade in what was a busy session, given we have eight current signals open.
XRP – Active Signal
XRP is down on the session, but is still holding above some key support levels. We remain long
Gold – Watching
GOLD is still under $1800, however, the yellow metal will be a big market mover if Powell throws out any big surprises here. Especially any concerns on inflation.
Cryptocurrency Update
BTC has fallen away from the $50,000 level, and got as far as $47,000 before the buyers stepped up.
The next key support is really $44,000 if the current level cannot hold up.
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